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Old 12-15-2014, 08:37 AM   #121
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Medicaid offers more protection from balance billing. I think the most someone pays with Medicaid is $300 a year.
Can you just go to any doctor on Medicaid? Or do some Doctors refuse it?
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Old 12-15-2014, 08:43 AM   #122
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Originally Posted by Looking4Ward View Post
It wasn't how much they have that caught my attention, it's how much they spend.

Wow.
This thread has hit many different points... from the above quote to the... to the multi-millionaire that blew it all living well above his means. The point that one should consider pensions and covered healthcare as a proxy for net worth is quite valid.

Directed at the quote above... not all people who have saved a lot spend a lot. The old book "the millionaire next door" examined a sub culture of those people who save quite a bit, but have restrained their consumption. I would not generalize that people who have saved a lot really have high consumption rates. Often people increase their life style with increasing income.

To the comments on pensions. My plan many years ago was to RE with pensions and covered health care at about this time. However, the tech bust ended that entire plan as both were dislocated employment wise and never found jobs with a pension after that. My wife still makes less than she did in the late 90's and I make less than I did a decade ago. Not looking for pity here, just that plans don't always work out. However, from what I understand is in the new budget passed, peoples pensions could be at risk of being reduced. So those with pensions may not really be safe either.

Judge your retirement readiness based on your own situation. Wishing your were in someone else's situation is like buying a used car. It may look great on the surface, but who knows what's lurking under the hood.

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Old 12-15-2014, 08:44 AM   #123
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In my state everyone is forced into Medicaid Managed care plans run by the various insurers. Each plan has a network of doctors.

I don't know how regular Medicaid works other than most doctors will not take it.
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Old 12-15-2014, 08:46 AM   #124
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The majority of state don't have Medicaid anymore. In my state and many others, if I make under a certain $ amount(around $13,000) I get no subsidy and since there is no Medicaid I have to pay the full HI premium or go without insurance. Your plan does work well for the few states that do have medicaid.
28 States have Medicaid (including DC), 21 do not, and 2 are currently debating whether to implement. See here Status of State Action on the Medicaid Expansion Decision | The Henry J. Kaiser Family Foundation

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Originally Posted by jim584672 View Post
Medicaid offers more protection from balance billing. I think the most someone pays with Medicaid is $300 a year.

I don't know what happens if you are out of your state and something happens.
Balance billing results from obtaining health care outside of the established network. How Medicaid deals with that depends on the State, but my guess would be, aside from emergency care, there is no coverage. The same probably applies for the ACA policies that have large cost sharing.

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Can you just go to any doctor on Medicaid? Or do some Doctors refuse it?
Doctors and hospitals are free to participate or not.
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Old 12-15-2014, 09:04 AM   #125
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Old 12-15-2014, 10:51 AM   #126
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If your state did not expand Medicaid then the plan will not work. The new MAGI based Medicaid in the expansion is based solely on income, with no resource test. Non expanded states have the old Medicaid, which only kicks in once almost all resources have been spent down, and your income is minimal. You basically have to be destitute to get it.
Now, I understand why some states, mine included, refused to expand Medicaid. They said they could not afford it. The money for Medicaid does not all come from the Fed, and the states have to pitch in.
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Old 12-15-2014, 11:32 AM   #127
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Directed at the quote above... not all people who have saved a lot spend a lot. The old book "the millionaire next door" examined a sub culture of those people who save quite a bit, but have restrained their consumption. I would not generalize that people who have saved a lot really have high consumption rates. Often people increase their life style with increasing income.
My household fits this quote from TMND: "What are three words that profile the affluent? Frugal, frugal, frugal." In his books he also said most MNDs love their jobs, so this forum in general might attract a different kind of subset.
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Old 12-15-2014, 11:43 AM   #128
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Now, I understand why some states, mine included, refused to expand Medicaid. They said they could not afford it. The money for Medicaid does not all come from the Fed, and the states have to pitch in.
"Specifically, the federal government will assume 100 percent of the Medicaid costs of covering newly eligible individuals for the first three years that the expansion is in effect (2014-2016).[2] Federal support will then phase down slightly over the following several years, and by 2020 (and for all subsequent years), the federal government will pay 90 percent of the costs of covering these individuals. According to CBO, between 2014 and 2022, the federal government will pay $931 billion of the cost of the Medicaid expansion, while states will pay roughly $73 billion, or 7 percent "
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Old 12-15-2014, 11:59 AM   #129
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Medicaid is a program run by states, so a California resident qualifies for Medi-Cal. That program is unlikely to include a network of health care providers in other states, although it may cover emergency medical needs out of state.
Exactly, Medicaid qualifications vary from state to state and here in GA it is not a plan you want to be on anyway due to limited doctor access. Much better to stay above 100% FPL and get a nicely subsidized, reduced max OOP Silver plan.
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Old 12-15-2014, 12:49 PM   #130
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Its interesting to see the enormous variation from state to state in the percentage of doctors that accept medicaid - 40% in NJ to 99% in WY. All states is 69%
Study: Nearly A Third Of Doctors Won’t See New Medicaid Patients | Kaiser Health News
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Old 12-16-2014, 12:11 AM   #131
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Millions? What is this the 80's? ;p
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Old 12-16-2014, 09:05 AM   #132
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My household fits this quote from TMND: "What are three words that profile the affluent? Frugal, frugal, frugal." In his books he also said most MNDs love their jobs, so this forum in general might attract a different kind of subset.
This topic is always confusing due to uncertain definitions.

What does "affluent" mean? Suppose it's a net worth of $500,000 (including a house) at age 65 for a married couple. I can imagine that median income people can get there by being "frugal".

Or, does it mean top 1%? According to one source, the threshold for getting into the 1% by wealth is $8.4 million. I don't think that median earners are going to cross that line by saving.
http://economix.blogs.nytimes.com/20...t-income/?_r=0
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Old 12-16-2014, 09:31 AM   #133
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Maybe all the claims of millions made in the stock market just aren't true, like this one - EXCLUSIVE: New York Mag’s Boy Genius Investor Made It All Up | New York Observer
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Old 12-16-2014, 10:18 AM   #134
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This topic is always confusing due to uncertain definitions.

What does "affluent" mean? Suppose it's a net worth of $500,000 (including a house) at age 65 for a married couple. I can imagine that median income people can get there by being "frugal".

Or, does it mean top 1%? According to one source, the threshold for getting into the 1% by wealth is $8.4 million. I don't think that median earners are going to cross that line by saving.
http://economix.blogs.nytimes.com/20...t-income/?_r=0
In terms of the book, the authors define the group they are referring to: "We have an average household net worth of $3.7 million. Of course, some of our cohorts have accumulated much more. Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million." (1996 copyright edition)

http://www.nytimes.com/books/first/s...llionaire.html
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Old 12-16-2014, 10:24 AM   #135
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Maybe all the claims of millions made in the stock market just aren't true, like this one - EXCLUSIVE: New York Mag’s Boy Genius Investor Made It All Up | New York Observer
Stories like this make fact checked articles with less outrageous figures so boring and hum drum.
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Old 12-16-2014, 11:10 AM   #136
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Maybe all the claims of millions made in the stock market just aren't true, like this one - EXCLUSIVE: New York Mag’s Boy Genius Investor Made It All Up | New York Observer
That's too funny. I almost posted a link to the original story but I had my doubts and didn't feel like trying to verify. Seemed wayyy too much to be true.
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Old 12-16-2014, 12:03 PM   #137
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Maybe all the claims of millions made in the stock market just aren't true, like this one - EXCLUSIVE: New York Mag’s Boy Genius Investor Made It All Up | New York Observer
Two boys claimed to make $72 million from the stock market! Even though it was a hoax, it reeks of the stock mania of the 2000 all over again.

My TV has not been turned on for months, and subscribing to no magazines, I missed out on these stories. Else, I would have sold all my stocks. If that did not ring the bell about the market top, what would?
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Old 12-16-2014, 12:27 PM   #138
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My TV has not been turned on for months, and subscribing to no magazines, I missed out on these stories. Else, I would have sold all my stocks. If that did not ring the bell about the market top, what would?
You can relax. When these types of stories start circulating, it most likely means we have another couple of years of this kind of craziness. Party on

I hope.......
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Old 12-16-2014, 01:00 PM   #139
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If someone has lived a narrow life, how could he or she know the range of possibilities? If you have been a C level executive, or high pension government worker, you know what all your friends and work mates do. And don't forget, at least in the case of men, if you have money, your intended life-style had better not be below what your wife intends, or poof! there it goes. Just look at Harold Hamm, whose wifey is dissatisfied with a billion dollar payment and is suing for more. I know most of these situations, (well not high pension government workers). I also know the lives of many middle aged and old people who have basically no money, but lives that are great for them-living in an attractive city, in age restricted subsidized housing. They are not going to get lonesome, they are not going to be stuck out somewhere when illness or disability make daily living difficult, if they want a smoke they buy an umbrella and go outside to a nearby park and puff with other addictees. I walk by a group of them every day. Like everyone else they have concerns and sorrows, but they do not seem to stress so heavily over the picayune things that are so common on this forum. Ha
Good post( as always). The key is being satisfied with what you end up with. A lot if self absorption evident here.
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Old 12-16-2014, 01:13 PM   #140
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Millions? What is this the 80's? ;p
Ok , then
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